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New objective values still a long
way from going ratesby Prokopis Hatzinikolaou, ekathimerini.com, 20 January
2016

After nine long years, the property rates used for tax purposes, known as "objective values," have been reduced,
to apply retroactively from May 21, 2015.

The new values, reduced by 5 to 20.59 percent and determined by the Finance Ministry, have not taken into account
the distortions generated since the outbreak of the crisis, so they remain a long way above the actual market rates.

The ministry has therefore practically made a political decision, ignoring the real differences between the objective
values and the market prices.

For instance, in Kifissia, northern Athens, where the margin between the market and the taxable rates is about
40 percent, the ministry cut the objective values by just 10 percent. In Vouliagmeni, southern Athens, the margin
is 55 percent but the reduction was less than 10 percent.